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Lifestyles Unlimited, 6/18

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Again and stay up today called it long in the car on my way to work heading home listening online keeps you in touch will you work at top thirteen 78 dot com get a rain no top thirteen seventy anywhere kind of their brightest place. Welcome to the lifestyles unlimited real estate investor radio show. A real estate investment pro. Listen and learn how to use realistic to build wealth and passive income streams for you when your family. We bring you experts every Tuesday to discuss and answer your questions on everything from single family home. Homes all the way up to 600 plus unit apartment complexes. The lifestyles are limited we. Real estate investor radio show. Morning and welcome to lifestyles on limited real estate investor radio show on your host Steve Davis where it's always. We are here talking about your financial freedom we're talking about your retirement. Trying to get the point across that retirement has nothing to do with the age. It has everything to do with the business model that you're using to run your fame and that's the second concept that people have to get. In to their heads. Is that your fame is a business. Its income its expenses. It's a business and it's supposed to run at a profit. And that there are two streams of income were supposed to me. Two streams of income in your life they're supposed to be your earned income the income from your job. And your passive or investment income. Income from a business or real estate. And this show is about building passive income with real estate. More we do this week by groups of single thing we homes. We buy apartment complexes. Little Tony forty unit apartment hallway to 800 unit apartment complexes that produce cash flow for the rest of our lives. Here's what retirement really is it's as soon as your investment income meet and exceed your wants and needs. I use the number 8000 dollars a month and the reason is the bills for an American family. On average are 4000 a month that's a couple cardinal to house note toothbrush toothpaste and everything. So if you over the next five or ten years. Go on about twenty rent houses you're gonna make about 8000 dollars a month profit. If your bills are 4000 dollars a month. In your bringing in 8000 dollars a month off of your real estate when you have to go back to work. You don't you're retired. So it has nothing to do that we have kids in their twenty's who are retired under this definition. And it's just a different way of living life. What the vast vast vast majority of people do is they're trying to scrimp and save their way to retirement. They're trying to save up some imaginary number that they can't tell Lou. And let me give you an example of why that doesn't work. Well first off the statistics show that 95% of Americans failed to retire by age sixty follow up. 36%. Are dead by age sixty for. OK so the golden years are golden law. Is a bunch of bull. So. What people do is they try to save up. In the number that people say is a million bucks pick me if I'm a million bucks that's plenty for retirement. Tell your story. Guy calls me up about a week ago maybe two weeks ago. He's 9797. And he said Steve. Unscripted saved. And I saved up a million dollars so are retired at 65. But he said. But here's the problem. And healthy and I'm living a long life. If I tried to live off of that million dollars for these 37 years I'd be broke. What he did was he took that million dollars and bottom self seventy rent houses. With those seventy rent houses he's been able to. Visit I think 23. Different countries. Visit 28 different states. Take his wife around the world. And lead an incredible. Lifestyle. If he had not done that that million dollars would have been gone he'd be broke right now. In his doctor because he's so healthy predicts she's gonna live about past 100. So here's the problem. If you savior way to retirement. What do you have to pray happens. You have to pray you don't lead a long healthy life. You literally have to pray you die before you run out of money. It's just stupid as your state bad business model that doesn't make sense when you say it out while. But that's what the majority of people are doing. We're in the 5%. That do retire early or at age 65. In the statistics show that that 5%. They're all owned businesses and real estate. Businesses and realistic just what you better do it if you wanna get in that 5%. Well that's what this shows about. It's about answering your questions on how. To do that because. As I say that if you're of average intelligence are better. You're going while. First off nobody ever told me I was supposed to have a second stream of income I thought it was just jobs job jobs is called on the corporate ladder that's the only way you make more money. Now I know that your supposed to build a second stream of income but Steve I don't know how to do it. I'm afraid of tenants I'm afraid of maintenance I'm afraid of lawsuits I'm afraid of whatever it is. You've got some reason in your head that real state offers a challenge to you and your fame. It's hard to own. It's hard to get loans. Whatever it is. That's what I want you called me about called me and tell me what's keeping you from going out tomorrow. And Monday I should say yes tomorrow. And starting to build some wealth for yourself and your family with real state. Call me at 877711521187771152. He loved. And I've got three. Things I want to cover today one of them is to build on a phone call from yesterday showed you're aware this we're on seven days a week. Two to three tone today. Across the country 150 stations. So and you can podcast that shows we have to radio shows. The bill long sleeve radio show Dell was my mentor. And then we have this show the lifestyles a limited real estate investor radio show. You find out all about am I going to lifestyles unlimited dot com. They're clicking on the radio tab that's lifestyles unlimited dot com. So the first thing I wanna talk about is I was running out of time yesterday when I got a phone call from a high net worth person. They'll. I don't know how much money as he could have. You know everybody considers high net worth differently. But most of the time it's two million an op before you start saying I'm behind network person. So he may have seven million may have Torino. Well let's just assume he has two million dollars. And what he said to me was looks the army in a mutual fund. In the profit from their mutual fund every year pays all my bills now in other words he's got his passive income. There and he goes why should I switch to realistic and we'll talk about that when we come back from the phone lines but lines are open at 877. 7-Eleven. 5211. 8777115211. Let's go to San Antonio known talked to Brandon. Brandon thanks a lot for calling in how are you today. Under very carrier excellent well. Alma my wife and I we are we making good income. I'm in my early thirties you 120. And we've been looking for a way you do exactly what you were just saying and you get a secondary income whose real estate. That they had been holding us back is. Mark credits or. Is in the lows six under and I've been working to build and so that's been hearing all about trying to get a loan to. Q began starting undergoes state. Well this is good that you are working on it because that's what has to be done most people just let their. Credit go where it goes and they don't really work on it and credit is something your credit report credibility report. Is something that you have to work on my first question is do you have a team working on it or you just working on it yourself. No I do I pay a monthly. Subscription to credit repair dot com underpinning increased some aren't our. Credit things that are admired all. East from the past years and I've switched at a bank Allen didn't transfer all my. Automatic payments over and some marketing and Scott aren't that effective marks weren't. A little bit like any orders them to return to. Open up credit card which got dismissed but I'm still feeling the back in. On some yeah. Well almost all of that all of that should come off we're just so a letter or two. And sadly it sometimes takes two or three letters to get something that should have been done with one letter. So where are what you need is a 640. To do what we do. The cash to that is that at 640 you're gonna pay a higher interest rates. If you get it up to 680 or above then your golden. Or you can do just about anything you want to do so you know exactly what your middle score news. My middle school right now of the 628. Just it was it wasn't a fight it he's. And Alltel is you have brought it up at 628. Excellent. So what I would do is as soon as you hit 640. You're going to be able to qualify which shouldn't take you too much longer based off of what you said. Because all of that is just. It's good to vote yes it's your responsibility. But most banks are theory lenient on that if you can prove it. And they will remember that. So I would see you up about 680 probably within the next six months to a year. So probably your next step is to go ahead and take a course like ours on real estate investing in start learning about building passive income. 'cause there's a filling up their Brandon called and owner of funny and steal that you can buy right now. That doesn't require a credit check it doesn't require conventional loan. So keep that in mind as well. It it did didn't quit this how much of a source of cash. Well what you need to get started with something like this. You know we got to go to break him on holding on about four minutes knowledge. Sure all right hold on. Thanks a lot brain all right this is the lifestyles unlimited real estate investor radio show on your host Steve Davis. Phone lines are open at 8777115211. Lifestyle some limited is the real estate investor education and mentoring group that is taking people by the hand and taught them how to invest in real state for over 24 years our students have been so successful at creating about the past having found that they won local state and national investor the year awards nine of the last nine years it's easy to see my personal real estate investor magazine named as the best in the US if you're ready to add real estate to your portfolio go to lifestyles unlimited Austin dot com to access our free live training events scheduled. Texas weather can change on a dime. It's. Doing here shortly. When the weather turns severe. Turned to us for what you need to know on air and online at top thirteen sending dot com top thirteen seventy. The right choice. I. Welcome back to the lifestyles unlimited real estate investor radio show I'm your host Steve Davis and if you've got a question for me give me equality to 77. 7-Eleven 5211877. 7-Eleven. 5211. Brandon wasn't able to hold onto the bright. So I'm not sure what he was asking summit answered a couple of ways. If you're asking how much money do I need to learn to be able to do real estate investing. Probably seeing people with 3040000 dollar your total income. Be able to buy. Homes investment homes you've got to be with the right bank. Why because. The big banks. Oil wells Fargo Bank of America chase they're not gonna do. They're not investor friendly backs. They are owner occupants they want the owner on the dumb owner occupants that paid maximum for the property to get the maximum loan making gears. And they get the highest closing costs you know it's just they want the low hanging fruit. Where is your local banks and these mortgage companies that are all involved with the real estate investor clubs in your area. There investor friendly and they killed the income from the real state. Win their giving loans. So. Especially after two years when you got two years of tax returns on your houses then. Pretty much in the bank is gonna consider the income. Because they got actual tax returns to prove the income. So it's. It's easy. Once you reach that point. The second thing he might have been asking was how much money to money you have in the bank. Well in a perfect world we'd all have 50000 dollars to start investing world that way you can pick up two maybe three houses your first couple months. And then save for the fourth and fifth and someone. Here's what you need to be doing. Unity be saving at least a thousand dollars a month to do what we do in that five or ten year period that I always talk about retiring. Thousand dollars a month now the reason is because it's a snowball effect. And how many use 500 dollars a month because the math is easy. The average cash flowing a single family house fails about 400 dollars a month profit. Let's just pretend it's 500 dollars or you can understand what I'm talking about. Let's say that the average down payment is 25. Will let's say 24000. Even though it's probably 25. But again this is for ease of numbers and you'll understand in just a moment why did it this way. If you're saving a thousand a month that means you're going to be of about one hills at the end of your second year. 44000 dollars makes sense. But that helps them make you 500 dollars a month profit. You now have 15100 dollars a month is to say which cuts today you know on the length of time detection tomorrow and the next house. When you by the third house I'm sorry second sorry. When you about a second house you know have 2000 dollars a month in only take you twelve months about the next four. And in the U about the next one the next when he gets shorter and shorter and shorter until you reach a point where you can literally by. Another round house every couple months. So real estate investing as a rule. Is very slow at the beginning. But what you've got to do. And the reason educational courses are so important. Is Steven Levy's work where it talks about you have to begin with the end in mind. Otherwise you get misdirected. In this case discouraged. No words a lot of people they're saving their saving their saving. Takes two years. The end. And this awful they get discouraged they sort of thinking it doesn't work and all these doubts and things come up in people's minds. You got to stay the course. Because this is real. And you've got a choice. The next five or ten years are gonna pass either way. Are you gonna have 5101000. Dollars month passive income at the end of the ten years or you're going to be still dependent on your job. The choice is yours. So that's what you need to be doing saving about a thousand a month if you say more than that out. They're back home the other Danes had 20000 dollars a month apart easily. You can imagine how fast he's going to be able to retire with that type of income. So I hope that answers your question brand you don't have to have a lot of money in savings whatever you do have just where you start. Right there. So with you got zero in the bank or seven or fifty your hundred. Course if you got a 100000 dollars community looking at apartments. Not just single family homes. OK phone lines are open at 8777115211. 8777115211. This is the lifestyles unlimited real estate investor radio show on your coach Steve Davis. You can find us online at lifestyles unlimited dot com thanks for listening. Longtime lifestyles member Curtis Payne. So the real joy for me looking back. Is helping others and I wouldn't be able to have done it without the support of lifestyle they just can't please thank you enough still for that. If we were to ask people if they could vote on the top ten guys. That help other people you'd be one of them there's no doubt about it here. Have this roadmap of holy success stories on this one I'm just. One person out of the thousands fantastic success stories that each and every person can learn from that's my advice. Take Curtis Haines advice come meet felt like minded successful investors who are helping others just like dale helped him. Attend the workshop. Get your Matt safely and quickly build wealth and passive income so you never have to worry about working till you drop. Losing your job or retiring in poverty. Call 18669718970. Or go to lifestyles. And breaking news exclusive contests and more delivered right here rim dot I like knowing things joined the right choice club that's talk thirteen seventy dot com and you'll be in the just go to top thirteen seventy dot com and click on the right choice club from top thirteen seventy the right choice. The. Welcome back to the lifestyles of limited rules that investor radio show your host Steve Davis and you've got a question for me please call me right now at 877. 7-Eleven 52118777115211. Let's get back to this caller from yesterday's show. Where he called says look Obama. A high net worth person ominous and two million more. And are making enough money off of mine mutual funds. Every year. To pay my bills. Now the reason I think he called is because he knows that the crashes coming in and it does that's gonna make a huge didn't. In that strategy. So he understands that we is real estate investors. Make money in both the up and down markets. And we actually. Are praying for crash right now we'd love the crash we make lots of money in the crash. We actually make more money when realistic crashes than we do when it's in the job market like it is now. So he's looking. He calls me up and asked me for rates of return. While I showed him how the rates of return than real estate are much much much higher than any mutual fund. But it dawned on me after them in the show was ending I mean the music it's pretty and everything so I I had to cut it off right there. We'll literally after the show. It was it dawned on me he wasn't asking a rate of return. Question. Because real state beats the stock market unquestionably everybody knows that but he. It was a lifestyle question. And I didn't have time to get to it. And what I mean by that is this was a happiness question they peace of mind question. There and the thing that I have to get across to people. Is that being happy is OK. Having peace of mind is okay you're you're allowed that. You deserve that. And many people don't think that's true. They literally thinks that you're always in danger of a crash are always in danger of losing your money. And what I should have would have asked him if I had more time. Was what does he want to do with his life. Does he want to do nothing and just watches money go up and down in the stock market. Or. Would you like to go by a 400 unit apartment complex. Then change people's lives. Change the lives of 2030400. Analyst. Do you wanna do that. See for me. Not only don't know like the stock market because of its volatility. In its ability to lose money. I don't like it because I don't get a sense of accomplishment from. That. Like I do when I buy an apartment complex rehab it. And put 200 dream Lisa into a product that was a piece of garbage. That is now an up and running well managed. Almost perfect property. Minutes feels good to me I enjoy that we're seeing that have. So that particular individual. Especially any other high net worth individual that's listening to this right now. Would you like to be out of the stock markets. And get away from that possibility. The possibility. That fact that you are going to lose money eventually. Because the crisis if the crash is coming is what it's weird. It's not if the correction is coming and I think there's a correction. Coming soon. As soon as tomorrow. I mean look the it the stock market is way above what it's worth. Way above what it's worth. There's going to be a correction. Don't know win. There's exuberance and stupidity can sometimes last as long time years. Well when people wake up in the holy Toledo. You're gonna have a lot of people take their profit and crash the stock market. And when you do you lose whereas with realistic. When the market crashes. You're actually win even bigger than you were winning in the job market. So. His real question. Or my question him would've been what are you wanna do what your life. Do you wanna do so under a palm tree for the rest your life sipping my times. Or do you wanna actually do something. And I think most people want to do something they want to accomplish something. See I think we're hard wired to open server other people. And more more or not helping him serving other people that's when we shrivel and die. If you don't believe me. Look at the statistics for the white male who retires. Their life expectancy is three years. White males who retire. Quit working their life expectancy is three years. Okay we'll talk more after the break here on the lifestyles unlimited real estate investor radio show on your host Steve Davis. Call me at 8777115211. 8777115211. Thanks for listening. Did you know that every dollar you put into a piece of real estate makes you money five ways. Cash flow money in your pocket each month. Equity capture the thousands of dollars you create when you have the right team and by the right property using the right map. Appreciation. Real estate doubles in value about every ten years equity buildup. Printers pay down your mortgage each month and finally the tax advantage we pay almost no taxes on our cash flow and capital gains. These are the five ways we make money in real estate. Which is why a realist it accounts for more millionaires in the world today than any other investment vehicle you should have some real estate in your portfolio. To learn how attended one of our free workshops call 18669718970. Or go to lifestyles unlimited Austin dot com and register for the next available workshop. That's 8669718974. Go to lifestyles unlimited Austin dot com. Hi this is Gordon Deal join me weekdays 4 this morning America's first news to hear the stories you'll be talking about and searching for all day as we go beyond the headlines and above the chatter weekdays at five on talk thirteen seventy. Talk thirteen seventy. Welcome back to the lifestyles of but the rules that those radio show host the biggest phone lines are open 87771152. 8777115211. OK let's get to this next. Discussion and that is an email. In this one is. Kind of tough because it's really got more to do with partnerships. And family members there and just real estate. So I wanted to address this as an anonymous email. Basically what happened is three siblings. Brothers and sisters inherited two homes. Those they're worth about 280000. Dollars each. And they're in perfect condition. The year. Market rents are right around 2400 dollars so basically they'll make about 2000 dollar bill at 4800 dollars a month income. After principal interest taxes insurance maintenance and management. Don't like about 2000 dollars spread between the three of them. And he's asking. What they should do. Well. The first thing is partnerships. Sloc. Partnerships. With family members. Struck the war. There's your rule. No there are ways to new partnerships and I'm in partnerships and I love these partnerships but there's it has to. Perfect. To work. So he's asking my advice. And I said the visit there this is such a simple one. It's so easy. First off you got 280000. Dollar homes those are not rental homes. They don't see logic would say. That a 300000 dollar home would rent for twice what I 150000. Dollar home would but it doesn't as you can see from the roots. A 150000 dollar home or as for 1516100. A 280 Phil's ball almost doubled found only runs for 2400 dollars. See the problem. There is a sweet spot in real estate investment. It is middle America it is the 100. To 150000. Dollar home. Those other homes that you want to ma. So what I wrote him back as I said look. Partnerships but partnerships of fame members look even worse you don't want to get involved in now. So so those two properties. Leaving you about a 186000. Dollars. That I would take that 186000. Dollars and go by myself nine or ten. Under 250000. Dollar homes. That make you 3500 dollars a month. Makes sense right. We know the partnership too bad we know the partnering with fame remembers is even worse he can make more than three times as much money. By selling those two houses and going and buying an opportunity zone with the help partners. You know he emails me guy. I'm gonna read this. Thank you for the prompt response. I think I'm gonna keep them. I just don't know I don't see help completely paid for houses cannot be rented for reasonable profit. In that we're. Already said yes you can make about a thousand dollars a month. Off of each warrant. But you could sell them. Get away from your partners. Because he would make about excluding the three ways you would make about 700 dollars a month. He could. Well just reload she can make five times as much. By selling. And going on its own rules. And that he wouldn't have to be. All of why would a person choose. Not to make it five times as much money. I just found that odd. So I don't want you thinking like this guy. You have to think highest and best use for your money. Highest and best use. End the other concept that this kind of alludes to is that. Stagnation is okay. No and obviously evidences. No you're either growing or done. There is a stagnation in life. There is no coasting in life. You're either blooming or your dog. If you think you're not balloon if you're not blooming. And here are growing. Vineyard on. There is toast and what's it called spaces. Where you just get to a point and boom stop. There really isn't any stopping. You're gonna be doing something for the rest of your life. But that's actually good for. Take phone lines are open at 8777115211. We're coming up on the final segment of today show so you need to call me right now. 87771. It would happen if you didn't show up for work tomorrow. For the next couple of days for a week. A couple of months a year. How long until you lose everything you've worked for in a fraction of the time it took to earth if this fear keeps you up at night it's time to learn the strategies we teach at the lifestyles unlimited start with the free workshop. Go to my passive income workshop dot com and find your true financial piece like so many of our members already had. That's my passive income workshop. Dot com. We know Austin trafficking via challenge. These continue with time saver drastic. Mornings and afternoons on top thirteen seven lead the right choice. Thirteen seventy. Welcome back to lifestyles limited real estate investor radio show we are in the final segment of tenacious if you got a question for me to call me right now 877. 7-Eleven. 52118777115211. So I guess and and to summarize that last email. You've got to think gross. Not stagnation. Now it may sound like I'm contradicting my point give what you need and quit. But I guess it's the wrong way to say it when I when I say quit. What I'm referring to you by quitting his quit accumulating more more is not better. Simply better is better. One of the examples won't you view was I had a 22 unit apartment twenty years ago and I have partners in the deal. And I was getting ready to buy another apartment complex and Dell looked at me goes warranted and I go low more cash flow. Here's why don't want you just buy out your partners in the Toni to you. Here's how much more work would you I don't know because I already run the whole thing. How much more urgent how much more income Virginia and only three times the income. Don't know me right there are more is not better. Better is better so I bought my partners now but you know more work same amount of work and make three times as much money. So that that's what I mean. I give what you need and quit more is not better. But in this guy's case where he doesn't have any passive income. He's about to get 700 dollars a month and passive income but with that did it equity. In other words all that equity sitting in that deal. He could get 3500. Dollars a month to me that's just crazy. Not to take action and not to go do that. So. That's really just about and I'm still in shock that the guy replied the way you do. I have since replied to him. So hopefully you'll. Come to his senses. Unless maybe he's got more passive income and I know well that's all I can figure. OK next email is from a deep. Who. Bought a couple of homes and moved in head to. Lease them out. But now he's happy about it because they produce a good income form. So that is true never sell these are real say unless it's to bomb another piece of real stood. When you get a home owned a cell. To buy your next home if you got a bunch equity and then sell it buy your next home in two or three rails. What he's basically asking. Is. About apartment complexes. And what he says is I've heard they're very hard to fall and he said they're very he goes I've heard they're very hard to maintain. And then people generally told me about lawsuits and other such hassles that come with multi theme. And the reason I wanted to address this is not to answer his question is to address the issue. That most people have. These they go to failures. And ask them how they do it. Now when I say it like that it sounds ridiculous. But that's exactly. What Deepak did. The name on the back. And I said here's the problem. That I see. You're going to the wrong people for advice. Those people that told you. They're hard to fund told you that they're generally. Involved in lawsuits and other hassles. Did any of them only in the apartment complexes. What's the answer going to be. I guarantee. Could have been doing this for 27 years he's gonna email me back in Durham none of the people I was talking to owned apartment complexes. It's embarrassing. But. Is that true about you too. That you talk to people about investing in real stood that don't own any real estate. You talk to people your uncle your parents. That you all don't do rental real state it's difficult it's tenants tolls and taxes here's how you handle that. He's simply turnaround of that person's say really how many rental houses do you own. Well I don't own. OK. And just don't say another word but what are you saying in your mind in the back to your mind. Then you are unqualified. To be talking about it. Now here's one step further. Would if you go to apportion. And they had four rent houses. In the tennis destroyed the tennis never paid their rent and they lost them all the foreclosure. Do you talk to that person. No. You don't go to failures. Somehow they did it. What do you do. He figured it out you go to successful. Real estate investors. The guy who has a 120 houses and vacations out of the country two weeks a month. See there's a poor and middle class belief that you learn from other people's mistakes. That's a bunch of bull. You learn from other people's successes. All right this has been the lifestyles unlimited real estate investor radio show on your host the Davis. Thanks for listening and have a great rest of today. Thanks for listening to the lifestyles a limited real estate investor radio shows remember that the show is for entertainment purposes only. And should not be construed as legal investing more tax advice results may very well. Always consult a professional. Before making any financial decisions if you like to find out more about the mentoring available at lifestyles unlimited please visit them online at lifestyles unlimited dot com. Keep up with the latest breaking news in Austin and around the world take a moment to make sure you're following us on Twitter at top thirteen seventy elevenths waiting began. Just one more way to stay connected with top thirteen seventy the right choice.